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Trump's Taxes


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Trump responds to the NYT tax article.    So we are in business to show a loss.  Brilliant

https://www.cnbc.com/2019/05/08/trump-defends-tax-tactics-after-nyt-story-says-he-racked-up-more-than-1-billion-in-losses-it-was-sport.html

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    • President Trump fires back at The New York Times over the newspaper’s investigative report that said his tax figures from 1985 through 1994 showed staggering business losses of more than $1 billion.
    • “You always wanted to show losses for tax purposes....almost all real estate developers did – and often re-negotiate with banks, it was sport,” Trump says in early morning tweets.
    • The Times also said Trump apparently lost more money than any other individual taxpayer in the U.S., based on its analysis of data the IRS has compiled on people earning large incomes.

     

     

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    • “Additionally, the very old information put out is a highly inaccurate Fake News hit job!”

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22 minutes ago, knapplc said:

Some context to flesh this out some, from Redditor "victorvictor1"

 

A lot of this has no verification, but it seems like stuff that's pretty easy to look up, if you have any doubts.

 

 

Very interesting.  Well, we know everything from when he took office is true.  I would think someone like the CIA or FBI would be able to easily verify the rest.

11 minutes ago, TGHusker said:

Just way too much smoke to ignore.  GOP can't be trusted as they are compromised.  For the sake of our country the Dems need to figure out a way to win this election and purge our country of this cancer.

Like......draining the swamp?????

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5 minutes ago, BigRedBuster said:

Like......draining the swamp?????

Trump just switched swamp people - from the traditional lobbyist trying to help their USA company to have influence in DC  to the Russian mob.   I'd prefer the old swamp people over the new. 

Meet the new boss
Same as the old boss

 

"Won't Get Fooled Again"
 

We'll be fighting in the streets
With our children at our feet
And the morals that they worship will be gone
And the men who spurred us on
Sit in judgement of all wrong
They decide and the shotgun sings the song

I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again

The change, it had to come
We knew it all along
We were liberated from the fold, that's all
And the world looks just the same
And history ain't changed
'Cause the banners, they are flown in the last war

I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
No, no!

I'll move myself and my family aside
If we happen to be left half alive
I'll get all my papers and smile at the sky
Oh I know that the hypnotized never lie
Do ya?

There's nothing in the streets
Looks any different to me
And the slogans are replaced, by the bye
And a parting on the left
Is now a parting on the right
And the beards have all grown longer overnight

I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
No, no!

Meet the new boss
Same as the old boss
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I mean he did use a common and, I think, legitimate strategy to avoid taxes. It's just troubling that someone could compile that much debt without any impact to their standard of living. I'm struggling to understand how you rack up a billion dollars in debt over a decade, and you still are in business. I mean, I get that it's necessary to incur debt to build future wealth but that amount over that long of a period would destroy most people. How does a guy who Forbes (believing his claims) estimated his wealth at $100M in 1982 begin incurring debts the size of his net worth a few years later and continue that trend for a decade while surviving?

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1 minute ago, ZRod said:

I mean he did use a common and, I think, legitimate strategy to avoid taxes. It's just troubling that someone could compile that much debt without any impact to their standard of living. I'm struggling to understand how you rack up a billion dollars in debt over a decade, and you still are in business. I mean, I get that it's necessary to incur debt to build future wealth but that amount over that long of a period would destroy most people. How does a guy who Forbes (believing his claims) estimated his wealth at $100M in 1982 begin incurring debts the size of his net worth a few years later and continue that trend for a decade while surviving?

Maybe a Russian sugar daddy might be behind the curtains pulling the levers.

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17 minutes ago, ZRod said:

I mean he did use a common and, I think, legitimate strategy to avoid taxes. It's just troubling that someone could compile that much debt without any impact to their standard of living. I'm struggling to understand how you rack up a billion dollars in debt over a decade, and you still are in business. I mean, I get that it's necessary to incur debt to build future wealth but that amount over that long of a period would destroy most people. How does a guy who Forbes (believing his claims) estimated his wealth at $100M in 1982 begin incurring debts the size of his net worth a few years later and continue that trend for a decade while surviving?

 

I heard someone interviewed about this this morning. (I believe it was one of the NYT reporters)  Yes, what he described by recording losses is legitimate.  However, that strategy is just a very small part of these losses.  Most of these losses are other people's money.  Investors, bond holders, banks....etc. that didn't get paid.  Remember, he has said many times how he gets into debt and then renegotiates.  HE bragged about it in the campaign as how he would take care of the national debt.  KING OF DEBT!!!!  Well, that's this.

 

So, from what I'm gathering, He talked investors, bond holders and banks into investing billions in these projects.  He then goes broke showing that loss.  These people don't get paid and the Russians come in and save his butt.  What I'm not understanding is why the investors, banks and bond holders couldn't latch onto the Russian money.  But....it's possible with the mafia and good lawyers on your side, they really didn't want to push the issue.  

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3 minutes ago, BigRedBuster said:

 

I heard someone interviewed about this this morning.  Yes, what he described by recording losses is legitimate.  However, that strategy is just a very small part of these losses.  Most of these losses are other people's money.  Investors, bond holders, banks....etc. that didn't get paid.  Remember, he has said many times how he gets into debt and then renegotiates.  HE bragged about it in the campaign as how he would take care of the national debt.  KING OF DEBT!!!!  Well, that's this.

 

So, from what I'm gathering, He talked investors, bond holders and banks into investing billions in these projects.  He then goes broke showing that loss.  These people don't get paid and the Russians come in and save his butt.  What I'm not understanding is why the investors, banks and bond holders couldn't latch onto the Russian money.  But....it's possible with the mafia and good lawyers on your side, they really didn't want to push the issue.  

I'm still struggling here. His business is tied to his personal wealth (no LLC or whatever), he gets that money from investors, loses it, "renegotiates", and never personally suffers. How?

 

We need a CPA to explain it haha!

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10 minutes ago, BigRedBuster said:

So, from what I'm gathering, He talked investors, bond holders and banks into investing billions in these projects.  He then goes broke showing that loss.  These people don't get paid and the Russians come in and save his butt.  What I'm not understanding is why the investors, banks and bond holders couldn't latch onto the Russian money.  But....it's possible with the mafia and good lawyers on your side, they really didn't want to push the issue.   

 

It has to be declared as in his possession and available for them to even know to claim it. He hires teams of lawyers & accountants to hide all of that from his investors.

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9 minutes ago, ZRod said:

I'm still struggling here. His business is tied to his personal wealth (no LLC or whatever), he gets that money from investors, loses it, "renegotiates", and never personally suffers. How?

 

We need a CPA to explain it haha!

 

Knapp basically said what I think has to have happened. Also, I'm pretty sure it would all be hidden behind corporations and LLCs.  

 

3 minutes ago, knapplc said:

 

It has to be declared as in his possession and available for them to even know to claim it. He hires teams of lawyers & accountants to hide all of that from his investors.

 

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13 minutes ago, BigRedBuster said:

 

Knapp basically said what I think has to have happened. Also, I'm pretty sure it would all be hidden behind corporations and LLCs.  

 

 

Yeah, that makes sense. He's probably distance himself enough from those shell corps that you can't find it. Still crazy that he can tie all his debt to his personal wealth and not suffer.

 

Did Trump ever show up in the Panama papers?

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What you fellas are discussing is why I'm always shocked when people argue rich people have it too hard here and raising taxes on them is immoral.

 

You get people who walk into life with a full deck of chips like Trump, inherit an empire from Daddy and proceed to fail your way through the next decade(s). And yet he's still going just strong. As @ZRod said it didn't really affect his quality of life at all.

 

Obviously Trump is an outlier in terms of his business ineptitude. But people seriously argue the tax code penalizes people with a lot of money? Of course he's not going to release his taxes - he can just lie about them and continue to have Rube Nation come to his defense, believing every word. Hell, he got a bunch of working class white people to rally behind abolishing the estate tax and gutting the alternative minimum tax, which exclusively help rich people like Trump. Unbelievable that there are working class people haven't caught on to the con.

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8 minutes ago, Danny Bateman said:

What you fellas are discussing is why I'm always shocked when people argue rich people have it too hard here and raising taxes on them is immoral.

 

You get people who walk into life with a full deck of chips like Trump, inherit an empire from Daddy and proceed to fail your way through the next decade(s). And yet he's still going just strong. As @ZRod said it didn't really affect his quality of life at all.

 

Obviously Trump is an outlier in terms of his business ineptitude. But people seriously argue the tax code penalizes people with a lot of money? Of course he's not going to release his taxes - he can just lie about them and continue to have Rube Nation come to his defense, believing every word. Hell, he got a bunch of working class white people to rally behind abolishing the estate tax and gutting the alternative minimum tax, which exclusively help rich people like Trump. Unbelievable that there are working class people haven't caught on to the con.

You are looking at someone who is very abnormal.  They have said that these losses show that he lost more money than any other tax payer in the US.....and, there's obviously an element of this that is criminal (Russian involvement).  

 

Using this as an example for policy change is not productive and I don't think you will find anyone who is going to defend what Trump has allegedly been doing.

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